Effective Value Added Tax: An Imperative for Wealth Creation in Nigeria

E.I., Gbegi

Effective Value Added Tax: An Imperative for Wealth Creation in Nigeria

E.I., Gbegi * §

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§ Kogi State University

Effective Value Added Tax: An Imperative for Wealth Creation in Nigeria

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Abstract

This study aimed at evaluating the influence of revenue generated through Value Added Tax (VAT) on wealth creation in Nigeria. In an effort to accomplish this objective, secondary data were generated from Federal Inland Revenue Service and Federal Bureau for Statistics which were analyzed with the aid of table and simple percentages while the hypotheses formulated were tested using Product Moment Correlation Coefficient and Student Ttest. The findings revealed that revenue generated through VAT has a significant influence on wealth creation in Nigeria and also that revenue generated through VAT has a significant effect on total tax revenue in Nigeria. However, it has been recommended among others that Federal Inland Revenue Service should pay attention to the informal sector of the economy by creating VAT offices at the Local communities so as to generate more revenue and to fully achieve the objectives of wealth creation through VAT. Equally there should be constant review of existing laws every four months as done in the United State of America and other advanced economies to create room for flexibility in line with the changing economic circumstances.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

How to Cite This Article

E.I., Gbegi. . "Effective Value Added Tax: An Imperative for Wealth Creation in Nigeria". Global Journal of Management and Business Research GJMBR Volume 13 (GJMBR Volume 13 Issue 1).

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GJMBR Volume 13 Issue 1

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Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

Keywords

Nigeria revenue Value added tax wealth creation

Classification

GJMBR Classification FOR Code: 150107

910110

Submission ReceivedDecember 5, 2012
Peer Review Double Blind
Handling Editor
Accepted December 26, 2012
Published January 9, 2013

Version of record

v1.2

Language

English

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Article Matrices

Total Score: 156

Country: Nigeria

Subject: Global Journal of Management and Business Research

Authors: Dr. Okoye, E.I., Gbegi, D.O. (PhD/Dr. count: 1)

View Count (all-time): 202

Total Views (Real + Logic): 6340

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Publish Date: 2013 01, Wed

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Total Views: 6.3K

Total Downloads: 405

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